Bank levy to have minor impact on average Australians

The Australia Institute has tested two claims made in response to the bank levy announced in the Federal Budget: that the impact of the levy will be passed onto customers, and that it will be borne by shareholders, affecting Australian superannuation savings.

“The levy will have only a tiny impact on the average Australian and most of that impact can be avoided by shopping around for a better deal on banking services,” report author and Senior Economist at The Australia Institute, Matt Grudnoff said.

“Our analysis shows if a bank levy was all taken from shareholders it would reduce super returns by only $7 per year or 60 cents a month.”

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The Australia Institute is the country’s most influential progressive think tank. We conduct research on a broad range of economic, social and environmental issues in order to inform public debate and bring greater accountability to the democratic process.